Flex Space With Warehouse and
For Sale
$249,900
1021 E State Fair, Detroit, MI 48203
Flexible commercial building combines warehouse capacity with connected office space and a basement.
Property Size2,000 SF
Price / SF$124.95
Days on Market226
Property Features for 1021 E State Fair
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
2,000 SF
Office Build-Out
967 SF
Additional Details
Highway Access
Yes
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Keller Williams Legacy
Listed By:
Haitham Garallah
(313) 752-0000
Source:
Vmrealestatemichigan
Added: Feb 3
Changed: Sep 15
Last Checked: Sep 16 at 10:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Legacy
Investment Insights
Based on property information with market context.
This flex property brings together a 2,000-square-foot warehouse and a connected 967-square-foot office area with basement space. The building was constructed in 1924 and has received substantial interior and exterior updates, including new windows, upgraded electrical service, new bathrooms, refreshed flooring, and updated lighting. The space is presented as a clean white box, allowing an owner or occupant to plan a customized buildout.
The offering includes two parcels at 1021 and 1015 E State Fair in Detroit, positioned just off the highway for convenient access. The combination of warehouse, office, and basement areas provides a practical commercial layout within an established building.
The offering includes two parcels at 1021 and 1015 E State Fair in Detroit, positioned just off the highway for convenient access. The combination of warehouse, office, and basement areas provides a practical commercial layout within an established building.
Key Highlights
- 2,000‑square‑foot warehouse connected to a 967‑square‑foot office
- Two parcels offered together at 1021 and 1015 E State Fair
- Basement space included with the office and warehouse configuration
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,352
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$287,040
$287.0K
Cap Rate 7%
$205,029
$205.0K
Cap Rate 9%
$159,467
$159.5K
Market Conditions
NOI Build-Up for 2,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.0K $12.00/SF
− Vacancy
−$1.9K −$0.96/SF
EGI
$22.1K $11.04/SF
− OpEx
−$7.7K −$3.86/SF
NOI
$14.4K $7.18/SF
Area
Detroit, MI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$287,040
Cap Rate 7%
$205,029
Cap Rate 9%
$159,467
Alternative Uses
Best Use
Flex RnD
$205.0K
$179.4K – $239.2K
NOI $14,352 @ 7.0% cap · market cap 5.74%
Second Best
Warehouse
$203.6K
$178.2K – $237.5K
NOI $14,252 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$441.2K
$386.1K – $514.8K
NOI $30,885 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48203, MI
22,168
Population
13,591
Households
1.6
Avg Household Size
39
Median Age
19%
College-Educated
85%
High-School Grad
8.2 sq mi
ZIP Area
2,703
Density / Sq Mi
$35,108
Median Household Income
$28,364
Median Earnings
$799
Median Rent
$76,100
Median Home Value
Market
Vacancy Rate% for Industrial in Detroit, MI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial building combines warehouse capacity with connected office space and a basement.
Where is this flex space located?
The property is located at 1021 E State Fair Detroit, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2,000‑square‑foot warehouse connected to a 967‑square‑foot office; Two parcels offered together at 1021 and 1015 E State Fair; Basement space included with the office and warehouse configuration
